J. Chris Compton
  • Member for 3 years, 11 months
  • Last seen more than a week ago
  • North Carolina
Aging parents with no investments
26 votes

Explain to your parents what a fiduciary1 is. Tell them that no matter how much they like this guy (gal?) they should only invest with someone that they have a fiduciary relationship with - because ...

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Handling waitress unclaimed pay from three years ago
14 votes

Now she wants me to bring them into the office to see if they are any good. Why are you invovled? Why isn't she coming to the office? How is this situation handled? Give them back to her and ...

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Should we pay extra into our Home Mortgage or HELOC?
12 votes

I'll agree with GOATNine's comment about having an emergency fund of 3-6 months expenses. If you've done that (and you should if you're home owning and not home renting) then I would put the extra ...

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Moving and renting out my house
10 votes

TL;DR; In a perfect world that would work out, but we aren't in a perfect world. The main thing you are failing to consider in the question is risk. Major repairs: If you own the house, then you're ...

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HELOC debt is 2x my mortgage, help
9 votes

My HELOC has now grown to approximately double my mortgage So, how did it get there? If it was a one-time thing like you had major medical bills from an emergency, did a major renovation on the ...

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Should I take out a loan for a friend to invest on my behalf?
6 votes

He says there is minimal risk and that the returns are guaranteed to be 25%. Walk away. Should I take out a loan and give it to my friend to invest on my behalf? No, you shouldn't. Since it ...

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Is putting money in a 401(k) plan risky?
5 votes

My question is - Is it safe to invest in a 401(k) plan? Yes, with the match you're probably safer than FDIC (see last paragraph) Long term (5+ years) investing in a mutual fund is a good bet. ...

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High income, sudden windfall
5 votes

Change the property. In the US there are ways to roll an investment property ownership to another more expensive property without paying capital gains on the first one (deferring until the sale of the ...

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Is there any point in adding more than 6 months' runway in savings instead of investing everything after that?
4 votes

If no one is depending on you - six months should be plenty. (depending = spouse, child, parent, etc.) Put the extra into investments. The money you invest is still available to you if you need it. ...

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Financing mother-in-law suite to rent out
4 votes

This might not be a good idea, but you didn't ask that. If so, what's the best way to estimate how much my monthly mortgage payment would increase as a result of borrowing that money? You listed ...

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How to show a landlord what we have in savings?
3 votes

What is the best way to prove this to a landlord? Explain your situation and offer three months rent up front (in addition to security deposit) If they don't go for that (like if they have to use ...

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'For Sale by Owner' - who pays the Buyer's realtor?
3 votes

I can imagine, the realtor gives me a reduced offer price, so I never see the share that goes to him. is this how it usually works? Well I'm not a realtor, and I'm not a lawyer, and don't live in ...

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Sold wall map as fundraiser for a 501c3 non-profit. Need to report on tax returns? How?
2 votes

Since no one else has answered in a few months, this might be useful to future readers... (or you, if you do it again; $1,200 is pretty good in my book) Check with a tax adviser (required warning... '...

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Clear (agreed) overdraft or start emergency fund first?
2 votes

I think the consensus on having an emergency fund first is to keep you from breaking your budget for things like a $700 car repair. So a small emergency fund first, just so you can keep your head ...

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How to project monthly payments for Verizon plan?
2 votes

I'd advise you to just find a friend that has a similar plan and look at their bill. In NC, sales taxes are paid on the amount before discounts/coupons are applied... so, if you buy a $300 item ...

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Is there any way to form an anonymous General Partnership?
1 votes

To answer your specific question, that hasn't been answered: Is there any way to do this anonymously? Yes, you can give it away for free instead of selling it. Otherwise, you'd better have your ...

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I (21M) make decent money for my age. What are the best financial moves for my situation?
Accepted answer
1 votes

$10k with your expenses (1,400) is 7 months... enough savings for a software engineer - because that's a transferable skill. If your take home pay (after taxes and expenses) is 3,600 and your ...

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Do you forfeit tax refunds/credits if you aren't required to and don't file by April 15?
1 votes

You have 3 years to claim a refund, from the date it is due. 1 So if you didn't file your 2015 taxes yet, but you did request an automatic extension for your 2015 return, you can file and get your ...

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Can I take loan in my name for property in my son's name
1 votes

I think you mean: Can I purchase a property with a bank loan in my name, but title the property to my son? No. Not as you have stated it. The property must secure the loan (if the loan is on ...

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Going from a 1099 to W-2 job, must I pay estimated taxes?
1 votes

This year, we'll both work full-time on W-2... I'm still confused [about] estimated tax payments [and] how it applies in our case. Let's say you make 90k and your wife makes 90k. Each W-2 will have ...

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Why would the bidding on a foreclosed property start at the outstanding amount of the loan?
1 votes

I feel like maybe these articles are leaving out some key fact Right of Redemption often isn't mentioned (neither equitable nor statutory). Under what logical set of assumptions should the ...

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Why would I ever put my money into a savings account that returns less than the current inflation rate?
1 votes

Give me a good argument on why I should invest in a bond or a savings account that returns less than inflation this question is for money you have beyond your "reserve fund" Sure! I assume ...

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Would I be able to avoid the wash sale rule if I buy back the security on January 1st after selling it on December 31st?
0 votes

No, this would not avoid the wash sale rule. The criteria is not "+/- 30 days within a year" In general, regarding taxes... If you think you have found a 'trick' all by yourself, maybe you ...

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Pay off half mortgage vs invest in stocks
0 votes

You haven't mentioned if you have an emergency fund. If you don't, I recommend you keep the $40k in low interest CDs or money market - the return is low because you are "parking" the money, ...

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how do you value what your leisure time is worth?
0 votes

Your question seems to be: [Taking into account that Time and money are finite resources], how do you work out what your time is worth? Is it possible to put this into a rational formula? It ...

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Why is the stock market so unpredictable?
0 votes

Why is the stock market so unpredictable? ...most of the things we do in a day are pretty predictable. If you mean overall and you mean in the long run then the US stock market is predictable. ...

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Tax income dependents kids for this year - non resident visa (TN)
0 votes

Sorry, I'm not familiar with the TN-VISA, but if you haven't considered it: Look at how much less you are getting back and compare that amount to the cost of paying a human for your tax prep. If ...

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Using dividends to reduce short term capital gains?
0 votes

Assumes United States tax rates (no country specified, but dollar sign ($) used in question) What is wrong Your biggest problem is that you have $100 in short term capital gains. Avoid those ...

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Tax question - Inheritance from UK living in USA
0 votes

I am not a lawyer (IANAL) but the US (Federal) government exempts the first half million (+/- $250k). That's why you don't owe the Feds. States can tax you separately. (+counties, +cities/towns/etc....

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I co-signed on an apartment for a now ex-boyfriend who refuses to pay. What can I do?
0 votes

What can be done in this situation? Three options: 1. The best plan is for you to pay the money settle1 the debt. Some people call things like this that they've done in their own past a "stupid ...

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